A joint venture is
A. a firm getting rid of surplus inventory.
B. a firm that provides only management skills, while others own the production and distribution facilities.
C. a domestic firm entering into a partnership with a foreign firm.
D. a firm selling the right to use some process, trademark, or other right for a fee.
E. a separate firm owned by a parent company.
Answer: C
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Match the following terms with the appropriate definition.A. Accrual basis accountingB. Cash basis accountingC. Fiscal yearD. Interim financial statementsE. Depreciation F. Straight-line depreciationG. Time period assumptionH. Expense recognition (matching) principleI. Accrued revenues____ 1. Any 12 consecutive months or 52-week period that a company adopts for its annual reporting period.____ 2. A method that allocates equal amounts of an asset's cost (less any salvage value) to depreciation expense during its useful life.____ 3. Assumes that an organization's activities can be divided into specific time periods such as months, quarters, or years.____ 4. Aims to record expenses in the same accounting period as the revenues that are earned as a result of those expenses.____ 5. The
accounting system that uses the adjusting process to recognize revenues when earned and expenses when incurred.____ 6. The process of allocating the costs of long-term assets to the income statement over their expected useful lives.____ 7. Revenues earned in a period that are both unrecorded and not yet received in cash or other assets.____ 8. The accounting system that recognizes revenue when cash is received and records expenses when cash is paid.____ 9. A set of financial statements that covers less than one year, typically one, three, or six months of activity. What will be an ideal response?
The ________ is a GATT scheme that allows developing states to grant tariff preferences to each other without having to grant them to developed states
A. National treatment rule B. Generalized System of Preferences C. South-South Preferences D. Escape clause
The first level of the inclusive workplace, diversity within work organizations, relates to:
a. The values that drive organizational policies with regard to disadvantaged populations, such as welfare recipients, domestic violence victims, and youth in distress. b. The organization’s internal relations with its own employees. c. Organization’s sense of being a part of its surrounding community and the reciprocity embedded in that relationship. d. The organization’s positions and practices related to the fair exchange of economic goods and services and the respectful cultural relationship with individuals, groups, and organizations in other countries.
Frank, acting as a promoter for Garleen Co, a corporation not yet in existence, makes a contract with Towne Supplies. When Garleen Co is formed, it may:
a. adopt the contract, but Frank would not be released from potential liability on the contract. b. in all states, ratify the contract, thereby releasing Frank from potential liability. c. adopt the contract, thereby making it retroactive. d. ratify all or part of Frank's contract.